ANZ Bank New Zealand has announced it will enter into a strategic alliance with leading share-broking and investment banking firm First NZ Capital Securities (FNZC).
ANZ said it will sell its ANZ Securities online share- and bond-trading platform to FNZC while retaining a strong retail distribution platform through the alliance agreement. The FNZC service will be called Direct Broking and will offer similar features to those used by ANZ Securities customers now.
ANZ managing director-institutional New Zealand Paul Goodwin said the alliance will allow its customers to "trade with a world-class organisation."
“This alliance reflects a continued focus by ANZ to simplify its business,” Goodwin said. “ANZ recognises it does not need to own the technology required to provide our customers access to a share trading solution.”
ANZ New Zealand Securities will continue to offer current services until the sale is complete. The sale is subject to closing steps and conditions. The bank said the sale will have no impact on its other banking services, including KiwiSaver and managed investment funds.
FNZC CEO James Lee said the alliance follows on the firm’s recent hire of Fiona Mackenzie as head of Direct Wealth.
“We look forward to enhancing the platform over time for both FNZC and ANZ’s customers, and working with ANZ customers to help them during this transition,” Lee said.
ANZ said it will continue to focus on its debt capital markets business and build on its current market-leading position.
The deal is expected to be completed during the second half of 2018.
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